Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Motorhome Vehicle Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global motorhome vehicle market is set to undergo significant expansion, with a projected increase from $30.37 billion in 2022 to $33.16 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 9.2%. Looking ahead, the market is expected to reach $45.6 billion in 2027, with a CAGR of 8.3%.
The burgeoning global tourism industry is set to be a pivotal driver for the continued growth of the motorhome vehicle market. In August 2022, the World Travel and Tourism Council reported a remarkable milestone, highlighting a $1 trillion increase in GDP contribution (+21.7% growth) within the global travel and tourism sector in 2021, reaching $5.8 trillion. Furthermore, its share of the overall economy rose from 5.3% in 2020 to 6.1% in 2021. A substantial surge in global travel and tourism jobs was also noted, with an increase of 18.2 million, taking the total from 271.3 million in 2020 to 289.5 million in 2021. Hence, the rise in the global tourism industry is a significant force propelling the growth of the motorhome vehicle market.
Technological Advancements Drive Market Trends
Innovative product offerings are becoming increasingly popular in the motorhome vehicle market. Major players are introducing technologically advanced motorhomes to solidify their positions in the industry. An example of this trend is Grounded, a US-based automotive company, which, in March 2023, launched the Grounded 1 electric RV, touted as the world's first smart and customizable electric recreational vehicle. Based on Ford's E-Transit platform, the G1 boasts a range of up to 108 miles, smooth ride and handling, and a spacious interior with features like a pull-out table and bench seating, a kitchen equipped with a sink, refrigerator/freezer, and an induction cooktop. Furthermore, it utilizes 650 watts of integrated solar electricity to power appliances and boost the charge in the powertrain.
Regional Insights
In 2022, North America claimed the top spot as the largest region in the motorhome vehicle market. However, looking ahead, the Asia-Pacific region is anticipated to emerge as the fastest-growing region in the coming years.
The regions covered in the motorhome vehicle report encompass:
- Asia-Pacific
- Western Europe
- Eastern Europe
- North America
- South America
- Middle East and Africa
Countries included in the motorhome vehicle market report are:
- Australia
- Brazil
- China
- France
- Germany
- India
- Indonesia
- Japan
- Russia
- South Korea
- UK
- USA
- Italy
- Spain
- Canada
Key Market Players
The motorhome vehicle market features a roster of major players, including:
- Thor Industries Inc.
- Forest River Inc.
- Winnebago Industries Inc.
- REV Group Inc.
- Fleetwood RV Inc.
- Jayco Inc.
- Knaus Tabbert GmbH
- Tiffin Motorhomes Inc.
- Newmar Corporation
- Heartland Recreational Vehicles LLC
- Gulf Stream Coach Inc.
- Hobby-Wohnwagenwerk Ing
- Airstream Inc.
- Carthago Reisemobilbau GmbH
- Dethleffs GmbH & Co KG
- Holiday Rambler Corporation
- Adria Mobil Doo
- Hymer GmbH & Co KG
- Monaco Coach Corporation
- Coachmen Recreational Vehicle Company LLC
- Niesmann + Bischoff GmbH
- Triple E Recreational Vehicles
- Renegade RV
- Burstner GmbH & Co KG
- Midwest Automotive Designs LLC
- Pleasure-Way Industries Ltd.
- Entegra Coach
- American Coach
- Rapido Motorhomes SA
- Nexus RV LLC
Acquisition Impact
In December 2020, Thor Industries Inc., a US-based recreational vehicle manufacturer, completed the acquisition of Tiffin Motor Homes Inc. for $300 million. This strategic move significantly bolstered Thor Industries' motorhome vehicle portfolio and expanded its presence in the luxury class A market. Tiffin Motor Homes, Inc., a US-based company, specializes in the manufacturing of Class A and Class C motorhomes.
Conclusion
In conclusion, the motorhome vehicle market is gearing up for remarkable growth, driven by the expanding global tourism industry and a surge in technological innovations in motorhome offerings. While North America led the market in 2022, the Asia-Pacific region is poised for rapid growth in the coming years. Strategic acquisitions, such as Thor Industries' acquisition of Tiffin Motor Homes, continue to shape the competitive landscape, underscoring the industry's dynamism and potential for further expansion.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $33.16 Billion |
| Forecasted Market Value (USD) by 2027 | $45.6 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Motorhome Vehicle Market Characteristics
3. Motorhome Vehicle Market Trends and Strategies
4. Motorhome Vehicle Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5.1. Global Motorhome Vehicle Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Motorhome Vehicle Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Motorhome Vehicle Market Drivers and Restraints
5.3.1. Drivers of the Market
5.3.2. Restraints of the Market
6. Motorhome Vehicle Market Segmentation
6.1. Global Motorhome Vehicle Market, Segmentation by Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Type A
- Type B
- Type C
6.2. Global Motorhome Vehicle Market, Segmentation by Class, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Entry-Level
- Mid-Range
- Luxury
6.3. Global Motorhome Vehicle Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Personal
- Commercial
6.4. Global Motorhome Vehicle Market, Segmentation by End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Fleet Owners
- Direct Buyers
7. Motorhome Vehicle Market Regional and Country Analysis
7.1. Global Motorhome Vehicle Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Motorhome Vehicle Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/itjk3k
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